XRP Surges 30% as Ripple's Legal Battle Ends

XRP, the cryptocurrency associated with Ripple, has seen a significant rebound in the past two weeks, with its price increasing by nearly 30%. This surge is part of a broader crypto market recovery and coincides with the conclusion of Ripple's lengthy legal battle with the US Securities and Exchange Commission (SEC).

The technical analysis of XRP's price chart indicates a bullish continuation pattern, suggesting further gains in the coming weeks. Specifically, XRP is forming a symmetrical triangle pattern, which is a classic bullish setup. This pattern typically forms after a strong uptrend, where the price consolidates within a range defined by converging trendlines. A break above the upper trendline could see XRP rise to as high as $4.35 by June, representing a 75% increase from current levels. Conversely, a drop below the lower trendline could invalidate this bullish setup, potentially sending XRP down to $1.28.

The bullish technical outlook for XRP aligns with recent positive developments surrounding Ripple and XRP. Notably, XRP's price surged by 7.85% to reach $2.41 on March 21, just two days after the SEC dropped its appeal against Ripple. This rally gained further momentum when crypto exchange Bitnomial voluntarily dismissed its lawsuit against the SEC and prepared to launch the first CFTC-regulated XRP futures in the US. Futures contracts allow traders to speculate on XRP's price without directly holding the asset, which can increase overall market activity and deepen liquidity.

However, despite these positive developments, Ripple still faces a legal challenge in the form of an injunction issued by Judge Analisa Torres. This injunction restricts Ripple from selling XRP to institutional investors, which could limit the company's ability to distribute XRP directly to banks and financial institutions. Crypto lawyer John Deaton highlighted this issue, stating that Ripple may need to find a way to navigate this injunction if it wishes to issue XRP to institutional investors in the US.